I don't know whether Steemit is a long term investment, as it has only been in existence for just over a year, but what Trevon is doing is only logical. If the value of any commodity goes down, you buy the dip. If Steem Power is currently worth more than Steem Dollars, power up. If Steem Dollars start to rise, power down. That's how this currency stays afloat. It seems we have a self-regulating mechanism going on here.
If steemit goes the Viacom route, quantity over quality. They will die. That may not matter if they get bought out by someone like Facebook. I will say this. They are doing a piss poor job responding to their social media outlets. This needs to change by the end of August, or I'd say sell.